Indore (Madhya Pradesh): In a bank fraud case, the Enforcement Directorate (ED) has provisionally attached three immovable properties worth around Rs 4 crore in Dhar and Khargone districts.
The ED said its Indore sub-zonal office carried out the action under the Prevention of Money Laundering Act (PMLA), 2002 in connection with a case involving Ram Patidar, proprietor of M/s Narmada Sheet Grih in Dhar.
The attached properties are agricultural lands located in Dhar and Khargone districts.
The ED initiated the investigation based on an FIR registered by the Central Bureau of Investigation (CBI), Jabalpur, under various sections of the Indian Penal Code, 1860 and the Prevention of Corruption Act, 1988 against Patidar and others for allegedly defrauding Punjab National Bank.
The investigation revealed that Patidar had availed a term loan of Rs 3.50 crore from Punjab National Bank for constructing a cold storage facility in the name of M/s Narmada Sheet Grih.
However, instead of using the loan for the intended purpose, the funds were allegedly diverted to multiple accounts controlled by him and other associated individuals, including Parmanand Patidar, Mahendra Patidar and Mithun Dawar.
As a result, Patidar and other suspects allegedly caused a wrongful loss of about Rs3.36 crore to the bank while deriving corresponding gains.
